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COMPANY REGISTRATION NUMBER: 09582533
JADE HOMES CONSTRUCTION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
JADE HOMES CONSTRUCTION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Page
Balance sheet 1
Notes to the financial statements 2
JADE HOMES CONSTRUCTION LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
7,222
11,093
Current assets
Stocks
6
918,885
3,264,234
Debtors
7
1,171,301
54,514
Cash at bank and in hand
25,110
26,464
------------
------------
2,115,296
3,345,212
Creditors: amounts falling due within one year
8
( 934,887)
( 2,362,869)
------------
------------
Net current assets
1,180,409
982,343
------------
------------
Total assets less current liabilities
1,187,631
993,436
Creditors: amounts falling due after more than one year
9
( 33,520)
( 39,036)
Provisions
( 1,806)
( 2,160)
------------
------------
Net assets
1,152,305
952,240
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
1,152,205
952,140
------------
------------
Shareholders funds
1,152,305
952,240
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 February 2024 , and are signed on behalf of the board by:
J S Rehill
Director
Company registration number: 09582533
JADE HOMES CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of goods sold and services provided net of value added tax and in the case of an incomplete contract, the value is estimated based on the cost of work completed at the year end at the estimated gross profit margin expected for the contract as a whole.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
20,645
4,943
25,588
------------
------------
------------
Depreciation
At 1 June 2022
10,594
3,901
14,495
Charge for the year
3,350
521
3,871
------------
------------
------------
At 31 May 2023
13,944
4,422
18,366
------------
------------
------------
Carrying amount
At 31 May 2023
6,701
521
7,222
------------
------------
------------
At 31 May 2022
10,051
1,042
11,093
------------
------------
------------
6. Stocks
2023
2022
£
£
Properties in the course of construction
918,885
3,264,234
------------
------------
7. Debtors
2023
2022
£
£
Prepayments and accrued income
2,132
3,198
VAT recoverable
21,651
29,301
Amounts due on contracts
34,376
13,298
Other debtors
1,113,142
8,717
------------
------------
1,171,301
54,514
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,537
5,537
Trade creditors
22,812
110,921
Accruals and deferred income
164,300
63,495
Corporation tax
50,904
17,928
Social security and other taxes
143
Other loans
650,000
400,000
Directors' loan accounts
16,538
1,732,944
Other creditors
24,653
32,044
------------
------------
934,887
2,362,869
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,520
39,036
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £11,371 (2022: £16,886) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,806
2,160
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,806
2,160
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
12. Related party transactions
The directors' loans included in creditors above of £16,358 (2022: £1,732,944) are unsecured, repayable on demand and currently interest free. During the year the company acted as the contractor providing property development services on normal commercial terms for other companies controlled by the directors. During the year a company controlled by one of the directors supplied subcontract labour to Jade Homes Construction Limited on normal commercial terms. Other debtors of £1,113,142 (2022: £3,142) relate to loans provided to other companies controlled by the directors. The loans are interest free and repayable on demand. The company is controlled by the directors.